Kospi Tops 6,200 Intraday for First Time Since Iran Strikes as Hyundai Motor Group Shares Rally
Summary
- The Kospi index reclaimed the 6,200 level intraday for the first time since the Iran conflict began.
- News of progress in US-Iran ceasefire talks helped lift sentiment, with institutions leading gains through net purchases of 725 billion won.
- Samsung Electronics and SK Hynix rose, while Hyundai Motor Group shares also advanced as interest in physical artificial intelligence (AI) businesses resurfaced.
Forecast Trend Report by Period
First time in 33 trading days since the Iran conflict began
Signs of progress in US-Iran ceasefire talks
Optimism over an end to the war lifts sentiment
South Korea’s Kospi climbed above 6,200 intraday on April 16 for the first time since the Iran conflict began, as hopes for ceasefire talks between the US and Iran improved investor sentiment.
As of 10:55 a.m., the Kospi was up 123.6 points, or 2.03%, at 6,214.99 from the previous session. The index opened 0.95% higher and extended its gain to as much as 6,217.65. It was the first time in 33 trading days that the benchmark had traded above 6,200 intraday since the US and Israel launched airstrikes on Iran on Feb. 28.
Institutional investors led the advance, buying a net 725 billion won worth of stocks on the main bourse. Individuals and foreign investors sold a net 678.1 billion won and 144.9 billion won, respectively.
Market optimism strengthened after reports of progress in US-Iran ceasefire talks. Axios reported that the two sides were trying to resolve remaining differences and reach a basic agreement before the ceasefire expires on April 21, with Pakistan, Egypt and Turkiye acting as mediators.
After the report, gains in chip heavyweights Samsung Electronics and SK Hynix widened to 3.08% and 1.85%, respectively. Hyundai Motor surged 6.3%, while other Hyundai Motor Group shares also rose as the group’s physical artificial intelligence business drew renewed attention. Hyundai AutoEver gained 5.41%, Kia added 4.62%, Hyundai Mobis rose 3.25% and Hyundai Glovis advanced 2.95%.
Other large-cap Kospi stocks posting gains included LG Energy Solution, SK Square, Hanwha Aerospace, Samsung Biologics, Doosan Enerbility, KB Financial Group, HD Hyundai Heavy Industries and Samsung Life Insurance.
The Kosdaq also rose, gaining 13.56 points, or 1.18%, to 1,165.99 at the same time. On the junior market, individuals and institutions bought a net 197.6 billion won and 21.5 billion won, respectively, while foreign investors sold a net 193.5 billion won.
Among Kosdaq heavyweights, EcoPro, EcoPro BM, Rainbow Robotics, Kolon TissueGene, ABL Bio, LigaChem Biosciences and Peptron advanced. Alteogen, Samchundang Pharm, LEENO Industrial, HLB and Wonik IPS declined.
Ko Jeong-sam, Hankyung.com reporter jsk@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
